Some analysts questioned whether the army’s maneuver foreshadowed more severe measures, such as the appointment of a new, interim government. Since the end of absolute monarchy in 1932, Thailand’s armed forces have staged 18 coups, most recently in 2006.

Paul Chambers, a professor and military analyst at Thailand’s Chiang Mai University, said Thailand’s martial law act of 1914 provides the army with sweeping powers, effectively giving the army chief control of the kingdom without the assent of the prime minister.

Gen. Prayuth can now say he has not carried out a coup,” Mr. Chambers said, adding that the army chief could use the cover of the 1914 act as a means to bring in a ‘neutralist’ prime minister or step in himself.

The Thailand SET Index lost 1.1%.

Indonesia:

Indonesia’s presidential race in July is likely to be a tight two-horse race. One of Indonesia’s largest political parties, Golkar, sided with presidential underdog Prabowo Subianto and not, as they had hinted last week, frontrunner Jakarta Governor Joko Widodo. Adding to the intrigue, Mr. Widodo on Monday named as his running mate Jusuf Kalla, himself a onetime chairman of Golkar. The Indonesia JSX Index slumped 2.4%.

China:

China plans to allow 100 companies to be listed on China’s stock markets in the second half this year, fewer than expected, easing concerns a flood of new listings will tank the equity markets. The Shanghai Composite Stock Market Index gained 0.2%. The Hong Kong Hang Seng Index gained 0.6%.

Russia:

President Vladmir Putin is visiting China. But Russia and China have not signed a much-anticipated gas supply deal, sending shares of Gazprom (OGZPY) down 2% in Moscow. Bloombergreports:

The two countries have been in talks for 10 years to reach a deal that may be worth as much as $400 billion, according to Russian Prime Minister Dmitry Medvedev. The stumbling block has been price.

The deal has been delayed because Russia wanted to use sales contracts in the EU as a benchmark price, while China proposed a lower price, based on its imports from central Asia.

Dow Jones Newswiresreport Russia has offered to scrap taxes on gas exported to China, to lower the cost for China.

About Emerging Markets Daily

Emerging markets have been synonymous with growth, but the outlook for individual nations is constantly changing. Countries from Brazil and Russia to Turkey face challenges including infrastructure bottlenecks, credit issues and political shifts. Barrons.com’s Emerging Markets Daily blog analyzes news, data and research out of emerging markets beyond Asia to help readers navigate the investment landscape.

Barron’s veteran Dimitra DeFotis has been blogging about emerging market investing since traveling to India and Turkey. Based in New York, she previously wrote for Barron’s about U.S. equity investing, including cover stories and roundtables on energy themes. Dimitra was among the first digital journalists at the Chicago Tribune and started her career as a police reporter at the Daily Herald in the Chicago suburbs. Dimitra holds degrees from the University of Illinois and Columbia University, where she was a Knight-Bagehot Fellow in the business and journalism schools. She studies multiple languages and photography.